Sean purchased an interest-bearing promissory note for $11,000.00 at 5.00% p.a., due in 90 days. If he sold the note in 36 days by discounting it at 6.00% p.a., calculate the proceeds of the note. Round to the nearest cent
Q: Equity
A: Treasury stock reduces the stock holder's equity as it is repurchase of company own shares.
Q: Exercise 20-2 In the month of June, Jose Hebert's Beauty Salon gave 4,200 haircuts, shampoos, and…
A: Formula used: Break even point in units = Fixed cost / Unit contribution margin.
Q: The demolition costs of an old building to clear the land for a possible future sale but DID NOT…
A: Cost of land shall include all the costs incurred that are attributable to bring the land for sale…
Q: On May 5, FDN Trading sold merchandise for P1,900,000 lesk 10-5 on terms 20% down, and the balance…
A: Net Sales - Net Sales is calculated by following formula - Net Sales = Gross Sales - Sales Return…
Q: The accounting treatment for the sale of the interest of the retiring partner to an outsider or…
A: The retirement of the partner means the partner that is leaving the partnership. The partner can…
Q: Problem 27-3 (IAA) At the beginning of current year, Definite Company acquired the following assets:…
A: Note: Hi! Thank you for the question As per the honor code, We’ll answer the first question since…
Q: Explain the term inventory turnover.
A: The ratio analysis is performed to analyze the statements of the business on the basis of various…
Q: Using the accounting equation, compute the missing amounts for each of the following companies.…
A: Accounting equation refers to an equation which shows that the both the debit side as well as credit…
Q: should the units completed be 50,000 or 51,000?
A: In the context of the given question, we are required to compute the equivalent production units.…
Q: Anna, Ben, and Carl are partners sharing profits and losses in a 2:2:1 ratio. Carl decided to…
A: Partnership refers to a group of individuals (either persons or corporations) who comes together…
Q: Using the accounting equation, compute the missing amounts for each of the following companies.…
A: Assets=Liabilities+Stockholders' Equity
Q: the coupons at a rate of 4.95 percent. If you s yield? (Do not round intermediate calculatio $…
A: Future value refers to the concept of determining the present worth of an asset or investment at…
Q: When Margie's Convenience Store buys building supplies from Kent and is granted 30 days to pay the…
A: The liabilities are classified as current liabilities and non current liabilities.
Q: Please provide answer to questions a to c
A: Introduction: Shareholders equity represents owners' equity i.e. amount of claim for the…
Q: May, Jun, and Julie share profits in the ratio of 2:3:5. January 20, Julie opted to retire from the…
A: when there is agreement between the partners to share the risk as well as reward in the agreed ratio…
Q: Income earned from incidental operations before an asset is put to use is: deducted from the…
A: Incidental Revenue - Incidental revenue can be earned anytime during or before the assets put to use…
Q: Data Data for the question $ 8.00 per hour Fixed manufacturing overhead budgeted at Actual Fixed…
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: What is the difference between a balance sheet and an income statement?
A: The balance sheet and income statement are important financial statements of the business.
Q: 1. Downing Company issues $1,000,000, 12%, 10-year bonds on January 1, 2020. The bonds pay interest…
A: Issue price of the bond means the true/intrinsic value of the bond. In other words, it means the…
Q: Use the following information: Net sales Cost of goods sold 180,000 124,000
A: Formula used: Gross profit ratio = ( Gross profit / Net sales ) x 100 Division of net sales with…
Q: If ABC Co. sold everything it owned and paid off all the company owed, the amount left over would…
A: Everything owned is the assets of the company. The amount owed is the liabilities of the company.…
Q: ABC Co acquired a building by paying P10M and assuming a P5 M mortgage on the building. How should…
A: Property, Plant and Equipment is one of the important fixed asset of the business. At the time of…
Q: Problem 27-10. (AICPA Adapted) On January 1, 2020, Domino Company purchased a new machine for…
A: Depreciation: It is the reduction in the value of assets due to to its continuous use. The assets…
Q: May and Jun are partners with profit and loss ratio of 75:25 and capital balances of P480,000 and…
A: When there is partnership among the partners there is agreement to share this as well as the reward…
Q: Problem 2. A weekly payroll summary made from time tickets shows the following da A weekly payron…
A: Journal entry is the entry which is made at the time when-ever a business transaction takes place.…
Q: is there a $100 need to be deducted as p
A: Adjusted Gross income refers to the total sum value of income gained by an entity after deducting…
Q: accounting rule no.1
A: Introduction:- Accounting rules play vital role in accounting. Which is used prepare an accurate…
Q: The following items were found in the statement of financial position of Hong's Fitness Gym: Cash,…
A: Old Total assets = Cash + Supplies + Gym Equipment + Accounts receivable + Office furniture =…
Q: Anna and Ben formed a partnership. Anna contributed cash of P786,000 and office equipment costing…
A: Anna's capital immediately after partnership formation will be total assets contributed by Anna at…
Q: What is meant by Owners’ equity?
A: The balance sheet is the financial statement of the business which represents the financial position…
Q: Different FIFO inventory assumptions: Beginning inventory of 10 units @ $5 = $50 Purchases month…
A: Introduction: Under FIFO inventory method, goods which have come first will be available for sell…
Q: eginning alances: ssets abilities nding alances ssets abilities uring the year: Net income / et loss…
A: The accounting equation states that assets equals to sum of liabilities and shareholders equity.…
Q: Here are the comparative condensed income statements of Pina Colada Corporation. PINA COLADA…
A: Horizontal analysis is that analysis which shows increase or decrease in items from previous year to…
Q: McDonald ltd is a retailer of fruit juices. The company has an annual demand of 72,500 barrels. The…
A: EOQ is the quantity at which total cost is lower.But if discount is given by seller or ordering and…
Q: depreciation is used. Determine the value of a specially built delivery truck for ABC Piano Moving…
A: Under straight line depreciation method, the depreciation for each year would be same. The decrease…
Q: ABC’s property originally cost £300,000. After 10 years use it was revalued by £200,000. This…
A: Original Cost = 300000 Depreciation @ 2% 10 Years Depreciation = 300000*2%*10 = 60000
Q: If sales revenues are P400,000, cost of goods sold is P310,000, and operating expenses are P60,000…
A: In order to determine the gross profit, the cost of goods sold are required to be deducted from the…
Q: company is considering the end of the year rental of a copying machine that costs P 1,000 the first…
A: Present value concept means that with the passage of time, value of the amount will decrease due to…
Q: 4-14. On January 1, Year 1, Richmonde Corporation acquired 10% of the outstanding voting shares of…
A: (a) Journal Entries
Q: Harvest Inc. produces and sells a single product. The selling price of the product is $200.00 per…
A: The contribution margin is a metric that shows how much a company's net sales contribute to fixed…
Q: State with the help of an example how intelligent information systems also help to generate sales…
A: The money created by a company's operations is known as revenue. Revenue can be estimated in a…
Q: Hong 250,000 190,000 #2| 80,000 30,000 3,000 40,000
A: The accounting equation states that assets equals to sum of liabilities and shareholders equity.…
Q: On November 30, the company's finished-goods inventory, which is evaluated using the first-in,…
A: Work in progress Opening Balance of raw material and purchased Parts = $6,68,000 In the month of…
Q: Price per unit: $10 . Variable cost per unit: $7 . Fixed costs: $1,500 Given these data, compute the…
A: Formula used: Break even units = Fixed cost / Unit contribution margin.
Q: As the accountant for Clean Air Controls, you attend a meeting with the sales managers to discuss…
A: Accounts Receivables - Accounts Receivables are the amount unpaid by the customer for the service…
Q: In Juanuary a local government imposes gross property tax levies of $3,800,000, of which 2% is…
A: Note- Since you have posted a question with multiple sub-part, we will solve only the first three…
Q: Question 7 Part A: Choose the correct formula for the Double-Declining Balance depreciation method.…
A: Fixed assets will face reduction in their value over the period of time. Depreciation is charged to…
Q: ABC Company exchanged equipment with DEF Corp. The following data were available: ABC's equipment…
A: The old assets by the business are sold at carrying value and new assets are acquired at fair value…
Q: May, Jun, and Julie are partners with profit and loss ratio of 2:2:1 and capital balances of…
A: In the given question, the capital balance of Julie is P 600,000. She is paid P 1,000,000 on her…
Q: Which does not belong to the group? Titling costs Survey costs Architectural fees Assessment…
A: There are many types of costs and fees which are incurred when an asset is purchased or amount is…
Step by step
Solved in 4 steps
- Jacqueline purchased an interest-bearing promissory note for $13,000.00 at 3.00% p.a., due in 120 days. If she sold the note in 48 days by discounting it at 4.00% p.a., calculate the proceeds of the note.Mark purchased a 90-day interest-bearing note at 4.80% p.a. that has a face value of $5,000.00. a. If she holds the note for the full 90 days, calculate the maturity value of the note. Round to the nearest cent b. If the note is discounted 42 days from maturity at a rate of 6.20% p.a., calculate her proceeds. Round to the nearest centTrevor purchased a 90-day interest-bearing note at 4.80% p.a. that has a face value of $25,000.00. a. If she holds the note for the full 90 days, calculate the maturity value of the note. Round to the nearest cent b. If the note is discounted 74 days from maturity at a rate of 6.50% p.a., calculate her proceeds. Round to the nearest cent
- Meghan purchased a 90-day interest-bearing note at 5.20% p.a. that has a face value of $5,000.00. a. If she holds the note for the full 90 days, calculate the maturity value of the note. Round to the nearest cent b. If the note is discounted 22 days from maturity at a rate of 5.90% p.a., calculate her proceeds. Round to the nearest cent -> SAVE PROGRESS SUB -3°C A O O I E a Q0)Mark purchased a 90 -day interest-bearing note at 4.80% p.a. that has a face value of $5,000.00. a. If she holds the note for the full 90 days, calculate the maturity value of the note. Round to the nearest cent b. If the note is discounted 42 days from maturity at a rate of 6.20% p.a., calculate her proceeds. Round to the nearest centJohn signed a 90-day note with a face value of $6,000 and a discount rate of 14.57%. How much did the John receive from the bank? (ordinary time)
- James deposited $500 in his bank at 4.5% for 90 days. Use the simple interest formula to calculate the amount of interest James will earn using exact interest. Calculate the future value of the deposit.Susan bought a 9-month $1400 certificate of deposit. At the end of 9 months, she received $104 simple interest. Find the annual rate of simple interest paid. Round your answer to the nearest percentOn February 05, 2020, Janet signed a 5- months Simple Interest Bank Note with a face value of $20,000.00 for her business. If the rate of the note was 10%, Find: - The maturity value of the note. b- The due date of the note TRADE DISCOUNT
- Michael Jacobson signed a simple discount note with a face value of $ 8,400 at a discount rate of 15% for four months. Find the proceeds of the note and the effective interest rate. Find the proceeds of the note The effective interest rate is what %Mark signs a note promising to pay $825 in 3.5 years with simple interest at 10.75%. Then, 9 months before the note comes due, the holder of the note sells it to a local bank which discounts the note based on a bank discount rate of 18%. (a) What did the bank pay the holder of the note when it was sold 9 months before maturity? $ XUse the ordinary interest method, 360 days, to solve the following word problem. Round to the nearest cent when necessary. Roni Lockard signed a $28,500 simple discount promissory note at a certain bank. The discount rate was 16%, and the note was made on February 18 (not in a leap-year) for 113 days. What proceeds (in $) will Roni receive on the note?$ What is the maturity date of the note?